Hyderabad, Dec 21 (UNI)Andhra Pradesh Minister for Sugar and Industries J Geeta Reddy today said the rapid expansion in Information and Communication Technology (ICT) in India fuelled growth in the services industry.
Inaugurating a conference on 'India-The Knowledge Hub', focussing on technology-enabled innovations in process industry, organised by the Confederation of Indian Industry (CII) here, she said trade openness, institutional quality, financial sector reforms, favourable business environment infrastructure and well-designed education policy were some of the factors which determined high productivity growth through human capital formation.
She said innovation in the process industry through technology applications would enable the industry to operate more economically.
The combination of state-of-the-art infrastructure and highly qualified manpower would ensure that India becomes the next global R and D hub.
ArcelorMittal Group Management Board Member Malay Mukherjee said rapid strides made by India over the past decade was fuelled by increasing foreign investments, low cost advantage, quality workforce and growth across the industry.
He said IT, Telecom and Service Sectors had made major contributions to this phenomenal growth and with advancement in IT Hardware and Software, the industry must adapt to the changing landscape of the industry for providing world class services.
Satyam Computer Services Founder and Chairman Ramalinga Raju highlighted the transformation in India that had been brought about through access to technology.
Demystification of technology was important to provide access to technology for ordinary people, he said, adding the present generation had advantage over the past generations due to increase in access to knowledge.
CII (Southern Region) Chairman and ICT Forum Chairman Subu D Subramanian said process manufacturing industry had been enjoying high growth over the past five years.
India was already the leader in technology-led services. There was an urgent need for innovation in upgradation of technology in the process industry which would help ensure development of newer and better products, he observed.